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Volume 2019 - Number 12

March 22, 2019

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Banking Sector Elbows Fed to Second in MBS Holdings

The Federal Reserve lost its top ranking among residential MBS investors during the fourth quarter of 2018, giving way to the commercial banking sector, according to a new In-side MBS & ABS analysis. [Includes three data charts.]

Commercial Bank Reliant Jumps into Non-QM Pond

To date, the revival in the new “subprime” mortgage market has been driven exclusively by nonbank originators and aggregators, but now there’s a depository in the pond: Reliant Ban-corp, Brentwood, TN.

Class Action Filed Against GSE-Approved Dealers

In a class action lawsuit filed last month in the U.S. District Court for the Southern District of New York, a group of institutional investors allege that several Fannie Mae- and Freddie Mac-approved dealers colluded in a systematic scheme to manipulate prices in the secondary market for agency debt.

Solar Renewable Credit Securitization Is Now Here

In a first, Connecticut Green Bank will issue an ABS backed by solar renewable energy credits. The $38.6 million deal from the nation’s first green bank could provide proof of concept for future issuance.

Appeals Court Rules in Favor of Fannie Aggregator

A panel of the 8th Circuit Court of Appeals, in a ruling earlier this month, said a reseller of mortgages can demand that an originator repurchase defective loans, even though the contract between the two companies did not specify a timeframe within which the originator had to cure any defects. The decision reversed a lower court’s ruling.

Legal Snag for LendingClub Consumer Loan ABS

LendingClub, which operates an online marketplace, recently issued its first consumer loan-backed ABS of the year. The loans were originated under a model that has been successfully challenged in certain courts, raising concerns from rating agencies.

CHLA Favors Higher Wages at Ginnie Mae. The Reason?

The Community Home Lenders Association this week asked Congress to increase the pay for Ginnie Mae staffers, arguing that a professional, well-trained workforce would ensure the agency “does not have any unintended incentives to reduce the number of issuers it regulates, merely because it might lack the capacity or expertise.”

Administrative GSE Reform May Prompt Congress to Act

Any administrative overhaul of the government-sponsored enterprises could provide enough incentive for Congress to pass housing-finance reform legislation, according to industry participants.

Mortgage Grapevine

CEO for Freddie but What About Fannie? GSE Hearings Set; JPM’s Latest MBS Deal…

MBS and ABS Issuance at a Glance: March 22, 2019

MBS and ABS Issuance at a Glance

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